In a significant development for Uganda’s financial sector, Michael Atingi-Ego has been appointed as the new Governor of the Bank of Uganda (BoU), following a three-year period without a substantive head since the passing of Emmanuel Tumusiime-Mutebile in January 2022. Atingi-Ego, who has been serving as Deputy Governor and acting head of the central bank, now officially assumes full leadership.
Alongside this appointment, economist Augustus Nuwagaba has been named as the new Deputy Governor. Nuwagaba is an international consultant specializing in economic transformation, poverty eradication, and wealth creation. He has served as an associate professor at Makerere University and is the managing consultant at REEV Consult International. His extensive experience includes advising institutions such as the World Bank, UNDP, and various African governments.
The appointments were confirmed by Deputy Presidential Press Secretary Faruk Kirunda.
Atingi-Ego’s appointment is expected to bring continuity and stability to Uganda’s monetary policy, given his experience within the institution. Economists had previously expressed concerns that the prolonged vacancy in the governor’s position could lead to uncertainty in monetary policy, weakened investor confidence, and delays in critical policy decisions. With the new leadership in place, it is anticipated that the Bank of Uganda will effectively navigate economic challenges, including inflation control and financial sector regulation.
The new leadership team faces the immediate task of addressing these economic challenges and ensuring the stability of Uganda’s financial system.
